It’s now, it’s happening, it’s now! What is the Web3 that everyone is talking about?
Web3 refers to the evolution of the internet as we know it, and its main characteristic is that it will be a decentralized internet and for that it will use blockchain technology.
Brands have a huge and unique opportunity to start building unforgettable experiences for their consumers. Although it may not seem like it, we are at the earliest stage of this technology and everything is yet to be done!
So? Here we go!
What is Web3?
As expressed on Ethereum.org, Web2 refers to the version of the Internet that most of us know today. An Internet dominated by companies that provide services in exchange for your personal data. Web3, in the context of Ethereum, refers to decentralized applications running on the blockchain. These are applications that allow anyone to participate without monetizing their personal data.
Let us understand the key benefits which the Web 3 offers us!
- Ownership of Information or Data
The end-users will regain the complete ownership and control of their data and have the security of encryption. Information could then be shared on a permission/need or case-by-case basis. Currently, large organizations collect data merely to enhance their services. This information is sold to the advertisers and marketers who pay billions of dollars every year.
- It will be truly for any and everyone
Web3 does not require a single entity to control it. Bigger corporations may no longer control any aspect of the internet. As a result, decentralized apps or dApps cannot be censored, and neither can their access be restricted. No Government or entity will have the ability to kill services and sites, and no individual can control the identities of others.
- Increased personalisation of the internet
Because Web3 will be able to understand your preferences, it will be able to personalize and curate your web browsing experience. Everything will be optimizable and this will result in much more productive browsing.
- Web3 will help sellers to market better
With the help of the artificial intelligence of Web3, sellers can understand your buying needs and show you products and services that you are keen on purchasing. This helps you see better and more relatable advertisements that have a higher chance of being beneficial for you. Web2 provides this capability but is still predominantly human-based, increasing the chances of corrupt behaviors such as bias rating and review. In Web3, AI will be in action that will enable platforms to sift data and tailor them to users’ liking. The advancement in AI (Responsible AI) will ultimately provide users with the best filtered and unbiased data as much as possible.
- Uninterrupted services
Decentralization means that all data is stored on the distributed nodes. Therefore, users do not have to worry about suspensions or interruptions due to technical or other reasons.
Apple, Google and Facebook use blockchain and are using Web3, would you like to join them?